Larsen & Toubro • Integrated Report • Performance

• The capitals

Key observations:

In its integrated report Larsen and Toubro describes the trade-offs between the capitals (para. 4.56 of the International <IR> Framework). In a matrix, the contribution of each capital to the implementation of the key organizational strategies is indicated in terms of ‘positive’, ‘negative’, or ‘neutral’ impact. Then, for each strategy, ‘remarks on trade-offs’ are concisely described. This way, the interdependencies between the capitals and the general influence on the value creation process over time are highlighted.